OpenAI CEO’s novel cryptocurrency draws attention from investors worldwide

The image of Worldcoin Orb. [Photo by Choi Keun-do]

In a basement near the Sejong Cultural Center in Gwanghwamun Square, Seoul, a groundbreaking scene unfolded as a group of young men gathered around a circular device, the Worldcoin Orb. The size of a bowling ball, this innovative machine recognizes users’ irises, creating a unique identifier called the World ID and granting access to the Worldcoin network. An unnamed coin investor shared their excitement about Worldcoin. “I don’t know much about it, but I heard that it was created by OpenAI Chief Executive Officer Sam Altman,” the investor said.

Worldcoin, the brainchild of renowned entrepreneur Sam Altman, has taken the world by storm since its launch on July 24. Its ambitious goal of amassing one billion users and establishing an economic system based on network effects has captured the attention of investors and enthusiasts alike.

The World App, a cryptocurrency wallet for Worldcoin, has proved instrumental in driving adoption. Download the app gives one World coin, and then iris recognition grants 25 coins.

As of July 24, Worldcoin’s marker price stands at approximately $2.2 per unit, an impressive surge since its initial listing. CoinMarketCap data revealed on Tuesday an astounding increase of 3526 percent from its listing price of $0.15, reaching a high of $5.29 and finally stabilizing at $2.2. The price was a remarkable 1370 percent increase from its listing value.

However, not everyone is on board with the new cryptocurrency. Critics argue that the use of irises as unique biometrics raises significant privacy concerns. While many countries are embracing Worldcoin, its unavailability in the U.S. has sparked controversy. Ju Ki-young, chief executive officer of CryptoQuant, expressed his criticism on social media, claiming, “Worldcoin scans the irises of people around the world but excludes Americans. This is because they know it’s illegal.”